Chinese luxury goods: Fake it till you make i

Think luxury and you tend to think western Europe: Prada, Gucci, Hermes. Fine old-world craftsmanship and all that. But China is an even older world than Europe, so maybe the ultimate luxury goods will turn out to come from the Middle Kingdom. That seems to be what LVMH, Diageo and Vin & Sprit think. All three recently bought stakes in premium makers of baijiu, a fiery spirit once beloved of Chairman Mao. Baijiu is little known outside China, but is the world’s best-selling spirit by volume, ou...